VOL. 126 | NO. 29 | Friday, February 11, 2011
Family Dollar Signs 2 Leases for Stores
By Sarah Baker
Family Dollar has signed a 12,000-square-foot lease at 2754 Lamar Ave. Shawn Massey, partner with The Shopping Center Group LLC, represented the tenant. Harold Blockman with Keller Williams Realty Inc. represented the landlord, Chong K and Dul S. Pae.
Also, at 3400 S. Third St., Marketplace Development LLC bought 1.52 acres for a build-to-suit Family Dollar from Belz Investco GP for $172,500.
Massey was the buyer and tenant representative in the deal. Belz Enterprises Inc.’s Ed Woods was the seller representative.
J. Wise Smith & Associates Inc. is the architect, while Montgomery Martin Contractors LLC is the general contractor.
“The South Third location is the continuation of Family Dollar’s rapid expansion in the Memphis area,” Massey said.
In the last few months, Family Dollar has opened locations at Summer Avenue and Sycamore View Road (BTS Marketplace Development), Trolley Station Shopping Center at South Perkins Road and American Way (Kimco Realty Corp.), and one store under construction at Highland Street and Spotswood Avenue (BTS Marketplace Development). Other stores are planned for the area.
In other deals, Dot’s Fashion signed a 5,000-square-foot lease in Southlake Centre in Southaven.
The Shopping Center Group’s Robert Sloan and Massey represented the tenant. Jason Polley, Stonecrest Investments’ managing leasing director, represented the landlord, Michael Lightman Realty Co.
Also, Moku Properties LLC has purchased the 14,000-square-foot Moscow Commons Shopping Center, 13775 Highway 57 from Retail Development Holdings LLC for $180,000. Massey was the seller rep, with no buyer representation.
Moscow Commons was a vacant shopping center in the Fayette County community of Moscow that was purchased to house the new owner’s Internet retail business, but he will have some of the additional space available for lease, Massey said.
Massey was also the tenant rep for two regional GameStop leases.
GameStop signed a 2,000-square-foot lease in the Forum Shoppes off Highway 82 and Medallion Drive in Greenwood, Miss.
The Shopping Center Group’s Gary Shanks represented the landlord, Atlanta-based Omm Properties LLC.
GameStop also signed a 1,500-square-foot lease in Cades Center in Union City, Tenn. Sloan represented the landlord, CMC Properties.
“GameStop is one of the retailers who have done very well during the recession,” Massey said. “They not only follow Walmart and Target, but look at all great real estate. With Blockbuster closing they should grab an even larger share of the gaming market.”
Memphis and the surrounding Mid-South region have room for several more stores, which are in the works, he said.
• In other commercial real estate news, Mark Pugh purchased four acres of light industrial land on Whitten Road near Reese Road from Clothier and Gregory GP for $135,000. Vicki Blackwell, broker with Crye-Leike Realtors Inc., represented the buyer. Brian Califf, broker associate with NAI Saig Co., represented the sellers.
In addition, Colliers International’s leasing associate Tim Mashburn has brokered deals for two landlords in recent weeks.
Specialty Products Enterprises signed a 4,125-square-foot lease 4183 Senator St.
And Masterpax LLC has signed a 19,544-square-foot lease at 4570 Shelby Air Drive, Suite 4. Scott Pahlow, Grubb & Ellis Memphis’ executive vice president, represented Masterpax.
• Loeb Properties Inc. has announced a handful of leasings.
Taylor Berger and Mike McCaskill, owners of YoLo Frozen Yogurt, signed a new 1,253-square-foot lease in Park Place Centre, 1243 Ridgeway Road. This will be the self-serve frozen yogurt’s fourth location in the Memphis area.
Aaron Petree, vice president of brokerage at Loeb, represented the landlord.
Dexter Tenison, owner of Tenison Fitness, has signed a 2,760-square-foot lease in Primacy Place, 6100 Primacy Parkway.
Petree represented Loeb as the landlord in the deal.
Lastly, Adreal Malone, owner of AD’s Barbershop, renewed its 1,000-square-foot lease in the Village of Hedgerow, 6761 Shelby Drive. Chris Heinz, senior property manager of Loeb, represented the landlord. None of Loeb’s deals had tenant representation.